ADB, BANPU Sign 2.4 billion Thai Baht Deal to Support Electric Tuktuks in Thailand and Battery Production in PRC

The Asian Development Bank (ADB) and BANPU Public Company Limited signed a 2.4-billion-baht loan to support the financing of 1,500 six-seater electric tuktuks (e-tuktuks) and related charging stations for micro-scale transit services in Bangkok, Thailand. The funding will also support a 1.3-gigawatt-hour expansion of a lithium-ion electric vehicle battery manufacturing facility in Jiangsu province in the People’s Republic of China (PRC). The package also includes a concessional loan of up to $10.7 million from the ADB-administered Clean Technology Fund. ADB will also implement technical assistance, funded by the Association of South East Asian Nations (ASEAN) Catalytic Green Finance Facility, to assess the potential for micro-scale transit services in other Southeast Asia cities.

“Asia and the Pacific accounts for more than half of global greenhouse gas emissions, and innovative solutions such as electric vehicles for micro-scale transit can ease the transition from fossil fuels,” said ADB Director General for Private Sector Operations Suzanne Gaboury. “Electric vehicle adoption into the public transport sector is a powerful game changer that can help to cut emissions at densely populated urban centers right across the region.” Founded in 1983, BANPU is a leading energy company with a global business presence across the Asia and the Pacific, and a presence in the United States. In 2015, BANPU began integrating clean energy and emission-reduction initiatives into its operations and announced an accelerated transition plan toward more green and sustainable operations following its Greener & Smarter strategy. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members –49 from the region.

Source: IBP

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